US investors permitted
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Kraken consists of four parts: general information, fees, deposit methods and security.
Kraken is an American cryptocurrency exchange, based in San Francisco. America is in many ways the ruler of cryptocurrency right now. It has a very impressive number of cryptocurrency exchanges and a large part of the everyday cryptocurrency trading occurs on American exchanges or on other exchanges but involving American traders. A few of the cryptocurrency exchanges coming from the USA are Coinbase, Gate.io, Paxful and Bitquick.
The crypto market generally refers to Kraken as a very reliable cryptocurrency exchange. The exchange itself states that it exists for “those who demand fast execution, innovative features, exceptional support, and high security” and that it “always put the client first”.
An example of how the exchange’s reliability is that the bankruptcy trustee of Mt. Gox appointed Kraken to assist in processing the claims of the 127,000 creditors of Mt. Gox. Its duties in that process were the following:
- Aid in the investigation of possible lost or stolen Bitcoin
- Aid in the creation of a system to file and investigate claims
- Help to distribute Bitcoin and/or fiat assets to creditors
- Exchange Bitcoin to fiat currency when needed.”
Kraken was founded on 28 July 2011 and today offers trading in 17 cryptocurrencies. All of these 17 cryptocurrencies should be considered as fairly big ones, so if you’re looking for a smaller/newer altcoin, Kraken is not for you.
As the exchange is American, you can naturally trade here if you are a US-investors.
Kraken Trading fees
Kraken’s trading fees for takers are 0.26%. This fee is ever so slightly above the industry average. The industry average is arguably around 0.25%.
However, the exchange offers a discount to makers, thus promoting the liquidity at the exchange. The maker fee is set at 0.16%. This is a strong competitive edge in the market and is especially beneficial for the investors not interested in picking up existing orders from the order book but rather prefers to “go fishing” with maker-orders.
Kraken Withdrawal fees
Kraken charges a withdrawal fee amounting to 0.0005 when you withdraw BTC. This fee is below the industry average and also constitutes a competitive advantage against the majority of other top crypto exchanges in the market.
Kraken offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. However, as the exchange accepts deposit of fiat currencies at all, it distinguishes itself from many other exchanges that only allows deposits in cryptocurrencies.
Kraken’s security score is A-, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is far above average when it comes to top crypto exchanges and could be a factor making you conclude that Kraken is the best cryptocurrency exchange site for you.
If you have concluded that this is the exchange for you, congratulations! Go for it. But if not, find the best cryptocurrency exchange site for you by using our revolutionary matching tool.